PARTNERSHIP.
i
!
Variation by consent of
terms of
Relations of partners to one another.
19. The mutual rights and duties of partners, whether ascertained by agreement or defined by this Ordinance, may be varied by the consent of all the partners, and such consent may be either express or inferred from a course of dealing.
Partnership property.
Property bought with partnership money,
Conversion into personal held as part
20.--(1) All property and rights and interests in property originally brought into the partnership stock or acquired, whether by purchase or otherwise, on account of the firm, or for the purposes and in the course of the partnership business, are called in this Ordinance partnership property, and must be held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement.
(2) Provided that the legal estate or interest in any land which belongs to the partnership shall devolve according to the nature and tenure thereof and the general rules of law applicable thereto, but in trust, so far as necessary, for the persons beneficially interested in the land under this section.
(3) Where co-owners of an estate or interest in any land, not being itself partnership property, are partners as to profits made by the use of that land, and purchase other land out of the profits to be used in like manner, the land so purchased belongs to them, in the absence of any agreement to the contrary, not as partners, but as co-owners for the same respective estates and interests as are held by them in the land first mentioned at the date of the purchase.
21. Unless the contrary intention appears, property bought with money belonging to the firm is deemed to have been bought on account of the firm.
22. Where land or any interest therein has become partnership property, it shall, unless the contrary intention appears, be treated, as between the partners (including the representatives of a deceased partner), and also as between the heirs of a deceased partner and his executors or administrators, as personal and not real estate.
Procedure against partnership property.
23.--(1) A writ of execution shall not issue against any partnership property except on a judgment against the firm.
(2) The court or a judge may, on the application by summons of any judgment creditor of a partner, make an order charging that partner's interest in the partnership property for partner's separate judgment debt.
PARTNERSHIP.
i
!
Variation by consent of
terms of
Relations of partners to one another.
19. The mutual rights and duties of partners, whether ascertained by agreement or defined by this Ordinance, may partnership. be varied by the consent of all the partners, and such consent
may be either express or inferred from a course of dealing.
Partnership property.
Property bought with partnership
money,
Conversion
into personal
held as part
20.--(1) All property and rights and interests in property originally brought into the partnership stock or acquired, whether by purchase or otherwise, on account of the firm, or for the purposes and in the course of the partnership business, are called in this Ordinance partnership property, and must be held and applied by the partners exclusively for the purposes of the partnership and in accordance with the partnership agreement.
(2) Provided that the legal estate or interest in any land which belongs to the partnership shall devolve according to the nature and tenure thereof and the general rules of law applicable thereto, but in trust, so far as necessary, for the persons beneficially interested in the land under this section.
(3) Where co-owners of an estate or interest in any land, not being itself partnership property, are partners as to profits made by the use of that land, and purchase other land out of the profits to be used in like manner, the land so purchased belongs to them, in the absence of any agreement to the contrary, not as partners, but as co-owners for the same respective estates and interests as are held by them in the land first mentioned at the date of the purchase.
21. Unless the contrary intention appears, property bought with money belonging to the firm is deemed to have been bought on account of the firm.
22. Where land or any interest therein has become part- estate of land nership property, it shall, unless the contrary intention appears, be treated, as between the partners (including the representatives of a deceased partner), and also as between the heirs of a deceased partner and his executors or adminis trators, as personal and not real estate.
nership property.
Procedure against
23.--(1) A writ of execution shall not issue against any partnership partnership property except on a judgment against the firm. (2) The court or a judge may, on the application by summons of any judgment creditor of a partner, make an order charging that partner's interest in the partnership
property for partner's separate judgment. debt.
No comments yet.
Private notes are available after approval.